The Chinese Court announced; Crypto Investments Are Not Protected By Law

A Chinese Court statement said investments in crypto-assets are not protected by law

This move could serve as a model for other courts in China.
The decision in the published report reportedly came as the court reviewed a case involving possible fraud related to the purchase of crypto. Moreover, the court said in the report that “investing or trading in crypto is not protected by law.”
Also, this move could be another vital shock for China's crypto industry. Like the earlier anti-mining decisions across the country. Alongside this, the report states that the Chinese plaintiff purchased $10,800 worth of tokens from its three partners in 2017. However, the People's Bank of China closed its accounts after banning crypto payments in 2018.
According to a local report, there are multiple cases of crypto in China. In January 2021, a court in Jinan ruled that the plaintiff's fraud charge was not valid due to the legal status of crypto. In another example, the branch court of Jinan City supported the decision when the plaintiff filed a defense in March.